Thomas James is stepping down from his role as executive chairman at Raymond James to focus on his work establishing the James Museum, the company said. CEO Paul Reilly will succeed him as chairman starting Feb. 16, 2017, while James will continue to serve on the board as chairman emeritus. James held various leadership roles since the firm was founded in 1962. “No one knows our business better than he does, but just as important, Tom has been a vigilant and tireless teacher for our associates, passing on the values and lessons critical to upholding the firm’s heritage,” Reilly said. The James Museum will house 400-500 works of art selected from the James family’s collection of more than 3,000 pieces, acquired over 50 years.
Will Millennials Redefine Retirement?
Millennials could redefine the idea of a traditional retirement, according to a Merrill Edge Report, which found that this younger generation never wants to stop working. While 83 percent of today's retirees are out of the workforce–some never having worked in their latter years–the same percentage of millennials plan to keep a job through their retirement. They plan to work for income, to keep busy or to pursue a passion. The report attributes much of this sentiment to millennials' pessimistic views on affording retirement. Half of millennials aged 18 to 24 think they need to take a side job in order to reach their retirement goals, and millennials, in general, are three times more likely than Generation-Xers and baby boomers to say retirement plan options are the most important factor when considering an employer.
New research from MyPrivateBanking confirms what many in the financial services industry believe: that technology-assisted humans, rather than fully automated robo advisors, are the future. The research firm predicts so-called robo-hybrids will manage $3.7 trillion in assets worldwide by 2020, and that will increase to $16.3 trillion (about 10 percent of investable assets worldwide) by 2025. MyPrivateBanking only expects robo advisors to gather 1.6 percent of global wealth in the same time frame. The biggest impact is likely to come from white-label solutions developing robo products for large banks and institutions, such as SigFig’s recent partnerships to build an automated product for Citizens Bank and Wells Fargo.
